MIRA
INFORM REPORT
|
Report No. : |
353738 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MORGAN TECNICA S.P.A. |
|
|
|
|
Registered Office : |
Via San Pancrazio, 11/B 25030 - Adro (BS) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.03.2008 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of textile machinery, machinery and systems for auxiliary
treatment of textiles, sewing and weaving machines (including spare parts and
accessories) |
|
|
|
|
Employees : |
from 26 to 35 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified economy, which is divided into a developed
industrial north, dominated by private companies, and a less-developed, highly
subsidized, agricultural south, where unemployment is higher. The Italian
economy is driven in large part by the manufacture of high-quality consumer
goods produced by small and medium-sized enterprises, many of them
family-owned. Italy also has a sizable underground economy, which by some
estimates accounts for as much as 17% of GDP. These activities are most common
within the agriculture, construction, and service sectors. Italy is the
third-largest economy in the euro-zone, but its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 132%
of GDP in 2014, but investor concerns about Italy and the broader euro-zone
crisis eased in 2013, bringing down Italy's borrowing costs on sovereign
government debt from euro-era. The government still faces pressure from
investors and European partners to sustain its efforts to address Italy's
long-standing structural impediments to growth, such as labor market
inefficiencies and tax evasion. In 2014 economic growth and labor market
conditions continued to deteriorate, with overall unemployment rising to 12.2%
and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007
pre-crisis level.
|
Source
: CIA |
Company name and address
MORGAN TECNICA S.P.A.
Via San Pancrazio, 11/B
25030 - Adro (BS) -IT-
Summary
|
Fiscal Code |
: |
02981450980 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
05/03/2008 |
|
Equity |
: |
2.500.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 26 to 35 |
Activity
Manufacture of textile machinery, machinery and systems for auxiliary
treatment of textiles, sewing and weaving machines (including spare parts and
accessories)
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 02981450980 |
|
Foreign Trade Reg. no. : BS094513 since 04/07/2008 |
|
Chamber of Commerce no. : 494945 of Brescia since 23/02/2008 |
|
V.A.T. Code : 02981450980 |
|
Establishment date |
: 18/02/2008 |
|
|
Start of Activities |
: 05/03/2008 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.000.000 |
|
|
Subscribed Capital |
: 1.000.000 |
|
|
Paid up Capital |
: 1.000.000 |
|
|
Legal mail : |
MORGANTECNICA@PEC.IT |
Members
|
|
Giachetti |
Fabrizio |
|
|
|
Born in Torino |
(TO) |
on 19/07/1971 |
- Fiscal Code : GCHFRZ71L19L219Y |
|
|
|
Residence: |
|
San Faustino |
, 61 |
- 25122 |
Brescia |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/06/2014 |
|
|
|
Managing Director |
27/06/2014 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Giachetti |
Federica |
|
|
|
Born in Conegliano |
(TV) |
on 19/11/1968 |
- Fiscal Code : GCHFRC68S59C957Z |
|
|
|
Residence: |
|
Lagorio |
, 13 A |
- 25036 |
Palazzolo sull'Oglio |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
27/06/2014 |
|
|
|
Director |
27/06/2014 |
|
|
|
Managing Director |
27/06/2014 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Canali |
Marco Giuseppe Giovanni |
|
|
|
Born in Monza |
(MB) |
on 06/09/1962 |
- Fiscal Code : CNLMCG62P06F704H |
|
|
|
Residence: |
|
Ernesto Ambrosini |
, 3 |
- 20900 |
Monza |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/06/2014 |
|
|
|
Managing Director |
27/06/2014 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Meta Holding S.r.l. |
|
|
|
|
|
|
: |
|
Italia |
, 13 |
- 20122 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Giachetti S.r.l. |
|
|
|
|
|
|
: |
|
Lagorio |
, 13/A |
- 25036 |
Palazzolo sull'Oglio |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies connected to members *
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Giachetti |
Fabrizio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Giachetti S.r.l. |
Palazzolo sull'Oglio (BS) - IT - |
03509130989 |
Director |
Active |
Registered |
|
|
Giachetti |
Federica |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Morgan Dynamics S.r.l. |
Coccaglio (BS) - IT - |
03003900986 |
Director |
Withdrawn |
Registered |
|
Giachetti S.r.l. |
Palazzolo sull'Oglio (BS) - IT - |
03509130989 |
Director |
Active |
Registered |
|
|
Canali |
Marco Giuseppe Giovanni |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Hg Energy S.r.l. |
Bologna (BO) - IT - |
06369180960 |
Director |
Active |
Registered |
|
Meta Holding S.r.l. |
Milano (MI) - IT - |
07795620967 |
Sole Director |
Active |
Registered |
|
Easyreading Multimedia Srl |
Torino (TO) - IT - |
11136190011 |
Director |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style /
Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Meta Holding S.r.l. |
Milano - IT - |
07795620967 |
745.000 .Eur |
74,50 |
|
Giachetti S.r.l. |
Palazzolo sull'Oglio - IT - |
03509130989 |
255.000 .Eur |
25,50 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Morgan Dynamics S.r.l. |
Coccaglio - IT - |
03003900986 |
10.200 .Eur |
51,00 |
|
|
Active |
|
App 11 S.r.l. |
Coccaglio - IT - |
03700070984 |
15.000 .Eur |
50,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
San Pancrazio |
, 11/B |
- 25030 |
- Adro |
(BS) |
- IT - |
|
|
|
|
Legal mail |
: MORGANTECNICA@PEC.IT |
|
|
|
|
Employees |
: 31 |
|
Stocks for a value of 2.030.000 |
Eur |
|
|
Protests
Protests checking on the subject firm has given a negative result.
Data Base Prejudicial Events Search
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Company's starting of activities dates back to 2008.
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 33,59% in 2014 with a good increase in turnover (+58,49%
in 2014 compared to 2013 and +18,97% in 2013 compared to 2012).
The operating result in 2014 was positive (11,18%) and reflects the
field's average.
The operating result is positive and amounts to Eur. 1.035.549 with a
more then 100% growth.
A gross operating margine for a value of Eur. 1.123.426 was reached.
with a 60,24% growth.
Company's financial status is balanced since indebtedness is not high
(1,82) and decreasing as against 2013.
The management generated equity capital for an amount of Eur. 2.164.519
, increasing by 50,58% if compared to the financial year 2013.
Total indebtedness totalled Eur. 6.893.798, while during the financial
year 2013 the amount was equal to Eur. 4.394.981.
Moderate recourse to bank credit while the exposure towards suppliers is
rather high even if it still falls within the sector's average.
It shows a good range of liquidity.
Accounts receivable average term is high (96,33 days). within the
average values of the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 815.010
Subordinate employment cost is of Eur. 1.288.500, i.e. 11,52% on total
production costs. , with a 10,4% incidence on turnover.
The financial management is positive as incomes are higher than the
charges.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.384.191 |
|
Profit (Loss) for the period |
727.133 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.813.854 |
|
Profit (Loss) for the period |
236.014 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.567.627 |
|
Profit (Loss) for the period |
145.542 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.065.759 |
|
Profit (Loss) for the period |
55.828 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.082.145 |
|
Profit (Loss) for the period |
-146.298 |
Balance Sheets
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,08 |
0,02 |
0,06 |
0,18 |
|
Elasticity Ratio |
Units |
0,90 |
0,96 |
0,94 |
0,80 |
|
Availability of stock |
Units |
0,22 |
0,30 |
0,30 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,69 |
0,66 |
0,64 |
0,48 |
|
Quick Ratio |
Units |
0,32 |
0,07 |
0,03 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,82 |
2,76 |
3,02 |
3,25 |
|
Self Financing Ratio |
Units |
0,23 |
0,24 |
0,23 |
0,19 |
|
Capital protection Ratio |
Units |
0,20 |
0,14 |
0,05 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,03 |
0,03 |
0,19 |
|
Financing |
Units |
3,18 |
3,06 |
3,16 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,25 |
0,27 |
0,26 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,03 |
0,02 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,01 |
n.c. |
n.c. |
0,63 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
3,06 |
12,47 |
4,65 |
1,75 |
|
Current ratio |
Units |
1,22 |
1,31 |
1,27 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,92 |
0,90 |
0,87 |
0,81 |
|
Structure's primary quotient |
Units |
2,81 |
11,28 |
4,22 |
1,03 |
|
Treasury's primary quotient |
Units |
0,43 |
0,10 |
0,04 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
428,02 |
416,89 |
426,61 |
516,42 |
|
Current Capital ( net ) |
Value |
1.489.637 |
1.382.178 |
1.015.855 |
422.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
6,58 |
6,13 |
6,32 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
33,59 |
16,42 |
12,11 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
50,94 |
26,92 |
18,99 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
11,18 |
7,65 |
5,79 |
4,16 |
|
Return/ Sales |
% |
8,36 |
5,87 |
4,52 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
70,22 |
51,49 |
49,05 |
28,57 |
|
Cash Flow |
Value |
815.010 |
478.693 |
414.913 |
122.482 |
|
Operating Profit |
Value |
1.035.549 |
458.378 |
296.724 |
144.752 |
|
Gross Operating Margin |
Value |
1.123.426 |
701.057 |
566.095 |
241.990 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
96,33 |
n.c. |
n.c. |
111,85 |
|
Debts to suppliers average term |
Days |
117,01 |
n.c. |
n.c. |
128,30 |
|
Average stock waiting period |
Days |
59,09 |
83,28 |
83,30 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,34 |
1,30 |
1,28 |
1,08 |
|
Rate of stock return |
Units |
6,09 |
4,32 |
4,32 |
4,45 |
|
Labour cost incidence |
% |
10,40 |
12,40 |
13,45 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
0,53 |
-0,91 |
-1,04 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
11,52 |
12,30 |
12,84 |
19,02 |
|
Short-term financing charges |
% |
0,78 |
1,62 |
1,81 |
2,68 |
|
Capital on hand |
% |
74,81 |
76,69 |
78,04 |
91,91 |
|
Sales pro employee |
Value |
309.604 |
260.461 |
243.245 |
198.432 |
|
Labour cost pro employee |
Value |
32.212 |
32.306 |
32.712 |
35.779 |
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
1.169.259Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
|
Sector Data
The values are calculated on a base of 1.206 significant companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of 19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to
realize it is about 1,08.
The employees costs represent the 19,02% of the production costs.
Statistical Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 5.551.
The insolvency index for the region is 0,55, , while for the province it
is 0,48.
Total Bankrupt companies in the province : 3.452.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
ITL |
1 |
Rs.73.43 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational
base are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.